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What I find intriguing about Bush giving pardons to all and sundry is that that would presumably make it next to impossible for said all and sundry to take the fifth when the questions get 'embarrassing'. It gets even better as I strongly doubt that Bush can issue a pardon against future offenses which means that when the witness does answer, the perjury laws will be in effect which should provide at least some incentive to tell the truth.
While true justice requires criminal prosecutions, getting the truth out there for the public and for historians via some sort of 'truth commission' is a consolation prize not entirely without value.
My concern is that by the time Obama is sworn in, the folks with something to worry about will have had roughly two months to destroy evidence and an appropriately worded pardon issued on the morning of the 20th of January would protect them from obstruction of justice charges. On the other hand, I've read more than a few news articles about whistle blowers who are just waiting for the 21st of January. I trust that they will appear with relevant documents in hand.
